In case of DIT (E) Vs. M/s Jasubhai Foundation, BOmbay High Court upheld the decision of ITAT in which it was held that section 10 and section 11, though mentioned in same chapter, but conditions mentioned in both sections are mutually exclusive from each other.
ITAT Delhi held in case of ACIT Vs. PTC Industries Ltd. ITAT held that when expenditure claimed is genuine then penalty u/s 271 (1) (c) cannot be levied. ITAT relied upon the decision of Hon’ble Supreme Court in the case of CIT Vs. Reliance Petro Product Pvt. Ltd. (2010) 36 DTR 449 (SC) wherein it was held that merely because of the assessee’s claim
CIT vs. Sane & Doshi Enterprises (Bombay High Court) The three grounds which have been projected and emphasised pertain to treatment of total income as income from house property and allowing deduction under section 24 ignoring the fact that the income was received from the business asset (unsold flats) shown as closing stock.
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the revised Model Text for the Indian Bilateral Investment Treaty. The revised Indian model text for Bilateral Investment Treaty (BIT) will replace the existing Indian Model BIT. The revised model BIT will be used for re-negotiation of existing BITs […]
No.A-45011/38/2013-Ad.l (Pt.) Punctuality is a wonderful trait of a person which is admired and respected. Observance of punctuality at the workplace is more important because it is here that one gets paid for the hours he/she puts in.
With this amendment, paragraph 4.76 of the Handbook of Procedures 2015-20 will also cover the procedure to be followed for processing applications for enlistment / authorisation of Laboratories stated in paragraph 4.42 of FTP 2015-20.
M/s HRD Diamond Institute Private Limited, Mumbai, Maharashtra, India is added as agency permitted to import duty free diamonds for certification/grading and subsequent re-export, subject to conditions mentioned in paragraph 4.75 of Handbook of Procedures 2015-20 and other applicable provisions of the law in this regard.
Effect of this Notification: Hereafter, there is no requirement for ‘recommendation from DGCA’ for import of reconditioned / second hand aircraft parts.
Hand Book of Procedures of FTP 2015-20 permits re-fixation of Annual Average Export Obligation, in case the export in any sector/ product group decline by more than 5%. This implies that the sector/product group that witnessed such decline in 2014-15 as compared to 2013-14, would be entitled for such relief.
Quoting of PAN will be required for Purchase/ sale of any goods or services exceeding Rs.2 lakh per transaction, regardless of the mode of payment. The monetary limits have now been raised to Rs. 10 lakh from Rs. 5 lakh for sale or purchase of immovable property, to Rs.50,000 from Rs. 25,000 in the case of hotel or restaurant bills paid at any one time, and to Rs. 1 lakh from Rs. 50,000 for purchase or sale of shares of an unlisted company.
